旭輝(00884.HK)發行3.5億美元5.5年期美元債，利率5.25%創新低
11月8日，旭輝控股集團(00884.HK)發佈公告，宣佈成功發行3.5億美元優先票據，債券期限5.5年，發行利率為5.25%。該利率創下旭輝境外發債利率的歷史最低記錄。
據悉，旭輝本次債券發行獲得投資者的熱烈追捧，發行最終獲得3.5倍超額認購，峯值認購更是接近5倍。這也是近期聯合國際評級提升旭輝評級至BBB-之後，旭輝首次境外在境外發債。
值得一提的是，在近期出台的“三道紅線”監管政策——即剔除預收款後的資產負債率70%、淨負債率100%、現金短債比1.0倍——進一步規範房企融資之時，本次旭輝以歷史最低利率成功發行境外中長期債券，也説明在當前的市場環境下，財務穩健的優質發行主體，更容易受到投資者的認可。
正如克而瑞證券研究院指出的，“三條紅線”政策的推出，影響着投資機構對房企的風險評估，從而影響房企的融資節奏、募資規模及定價水平。市場將進一步分化，“優質的房企可以獲得更多的安全性溢價，並獲得更低的融資成本，而中小房企在發債時仍有一定的市場壓力。”
長期以來，旭輝始終堅守穩健自律的財務策略。2020年中期業績報告顯示，旭輝加權平均融資成本5.6%，較2019年末下降0.4個百分點，淨負債率63.2%，較2019年末下降2.4個百分點，現金短債比2.4倍，展現出優異的債務安全性和償債能力。此外，旭輝管理層也在中期業績發佈會上表示，相信可以一年之內將扣除預收賬款的資產負債率控制在70%以下，從而全面進入三道紅線的綠檔。
旭輝控股董事局主席林中近期表示，“三道紅線”政策，對於房企財務穩健度、防控風險提出了更高的要求。而隨着未來房企財務更加穩健，風險更小，評級也會相應提高，融資成本會相應降低。他同時指出，房企要積極調整財務結構，增強債務久期，嚴守財務底線。
旭輝長期穩健的財務表現也獲得國際評級機構認可。今年上半年，標普、穆迪及惠譽三大評級機構分別確認了對旭輝“BB”、“Ba3”和“BB”的信用評級，重申對旭輝的穩定及正面展望評價。10月，聯合國際將旭輝長期信用等級從“BB+”上調至“BBB-”，評級展望為“穩定”。
另外，除了此次發行5.25%創境外利率新低，旭輝還在近日成功發行7.5億元公司債券，票面利率4.23%。而在今年5月，旭輝成功發行了31.2億元公司債，利率低至3.8%，創下公司境內發債利率最低紀錄。
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